HOUSTON, June 9 /PRNewswire-FirstCall/ -- Marathon Oil Corporation
(NYSE: MRO), through its wholly owned subsidiary Marathon Petroleum Norge
AS, today announced with its partners that the Alvheim development offshore
Norway has achieved first production. The Company expects the combined
Alvheim and Vilje projects to reach peak net production of approximately
75,000 barrels of oil equivalent (boe) per day by early 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051027/DATH029LOGO )
(Photo: http://www.newscom.com/cgi-bin/prnh/20080609/CLM051-a )
(Photo: http://www.newscom.com/cgi-bin/prnh/20080609/CLM051-b )
"Alvheim is a new oil hub for the Norwegian Continental Shelf; and
along with nearby satellite fields, it will contribute significantly to
Marathon's defined production growth profile through 2012 and beyond," said
David E. Roberts, Jr., Marathon executive vice president of Upstream. "With
the commissioning of this significant floating production, storage and
offloading (FPSO) vessel, we are now focused on ramping up production and
maximizing the full resource potential of our holdings in the region."
The Alvheim and Vilje developments are estimated to contain gross
resources of approximately 250 million boe. Marathon has a 65 percent
interest in the Alvheim fields and serves as operator. Marathon holds a
non-operated 46.9 percent interest in the Vilje field, a subsea development
tie back to Alvheim.
The Alvheim purpose-designed FPSO vessel takes advantage of the latest
technology for low emission gas turbines - a first for the Norwegian
Continental Shelf. The facility has a nameplate capacity of 120,000 barrels
per day of oil and 125 million cubic feet per day of natural gas with total
storage capacity of 560,000 barrels of oil. It is located about 140 miles
(224 kilometers) from Stavanger, Norway, in approximately 400 feet (125
meters) of water. In addition to the FPSO, the Alvheim development includes
subsea infrastructure consisting of four drill centers and associated flow
lines. The development provides for the transportation of produced oil by
shuttle tanker, and transportation of produced natural gas to the existing
U.K. SAGE system using a new 14-inch, 24-mile cross border pipeline. As a
regional hub, the Alvheim FPSO is well positioned to deliver significant
production for the long-term.
Marathon's partners in the Alvheim development are ConocoPhillips
Skandinavia AS with a 20 percent working interest, and Lundin Norway AS,
which holds the remaining 15 percent interest. The Alvheim fields are
located in Production Licenses (PL) 203, 088BS and 036C on the Norwegian
Continental Shelf.
Vilje is located in PL 036 and Marathon's partners are StatoilHydro
Petroleum AS (operator) with a 29 percent interest and TOTAL E&P Norge AS
with the remaining 24 percent interest.
Satellite Field
The Volund development in PL 150 continues to make progress toward
first production in the second half of 2009 and will also be tied back to
the Alvheim infrastructure. Marathon has a 65 percent interest in Volund
and serves as operator, while Lundin Norway AS holds the remaining 35
percent interest.
Marathon is an integrated international energy company engaged in
exploration and production; oil sands mining; integrated gas; and refining,
marketing and transportation operations. Marathon, which is based in
Houston, has principal operations in the United States, Angola, Canada,
Equatorial Guinea, Gabon, Indonesia, Ireland, Libya, Norway and the United
Kingdom. Marathon is the fourth largest United States-based integrated oil
company and the nation's fifth largest refiner. For more information about
Marathon, please visit the Company's Web site at http://www.marathon.com.
This release contains forward-looking statements with respect to the
development of the Alvheim, Vilje and Volund fields. Some factors that
could potentially affect this forward-looking information include pricing,
supply and demand for petroleum products, the amount of capital available
for exploration and development, acquisitions or dispositions of oil and
gas properties, regulatory constraints, timing of commencing production
from new wells, drilling rig availability, unforeseen hazards such as
weather conditions, acts of war or terrorist acts and the governmental or
military response, and other geological, operating and economic
considerations. These factors, among others, could cause actual results to
differ materially from those set forth in the forward-looking statements.
In accordance with the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, Marathon Oil Corporation has included in its
Annual Report on Form 10-K for the year-ended December 31, 2007, and
subsequent Forms 10-Q and 8-K, cautionary language identifying other
important factors, though not necessarily all such factors, that could
cause future outcomes to differ materially from those set forth in the
forward-looking statements.
Media Relations Contacts: Lee Warren 832-247-6885
Emma White +44 1224 803020
Hanne Forssell +47 51506315
Investor Relations Contacts: Howard Thill 713-296-4140
Michol Ecklund 713-296-3919
Chris Phillips 713-296-3213
SOURCE Marathon Oil Corporation
 back to top
Related links:
http://www.marathon.com/
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20051027/DATH029LOGO
http://www.newscom.com/cgi-bin/prnh/20080609/CLM051-a
http://www.newscom.com/cgi-bin/prnh/20080609/CLM051-b
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media Relations Contacts, Lee Warren,
+1-832-247-6885, Emma White, +44 1224 803020, or Hanne Forssell,
+47 51506315, or Investor Relations Contacts, Howard Thill,
+1-713-296-4140, Michol Ecklund, +1-713-296-3919, Chris Phillips,
+1-713-296-3213
|
